Netflix is hiking the prices for its subscribers based in the U.S. and Canada. The move comes after the streamer reported a 19 million jump in subscribers over the last quarter of 2024. The jump was the highest the streamer has ever experienced, demonstrating that few companies can rival Netflix when it comes to home entertainment.
“As we continue to invest in programming and deliver more value for our members, we will occasionally ask our members to pay a little more so that we can re-invest to further improve Netflix,” said the company in a letter to its investors, as reported by CNN.
The price hikes are as follows:
- The standard plan with ads will increase by a dollar, from $6.99 to $7.99.
- The standard subscription will increase by approximately two dollars, from $15.49 to $17.99 per month
- The company's premium plan will also increase by two dollars, from $22.99 per month to $24.99.
- The addition of an extra family member to your subscription will cost a dollar more, from $7.99 to $8.99.
Netflix is doing better than ever
Netflix executives credit this boom in subscriptions to its live sporting events, which included Jake Paul and Mike Tyson's fight, which proved to be one of last year's biggest sporting events.
It also included the NFL Christmas Day game that had Beyonce as a halftime performer.
“Even in an amazing quarter where we had three huge live events — we had an incredible fight, two NFL games — we had one of our biggest TV series ever in ‘Squid Game’ season two, all very successful events and titles that we are thrilled about,” said Ted Sarandos, Netflix's co-chief executive.
Sarandos said that live events and sports will become an even more important part of their business model due to how productive they've been for the company.